PART I. This is the next step of several steps of our economics project. In this next step, you will derive the market supply curve from the individual supply curve survey responses you submitted last week. Your Yogurt Businesses and individual firm supply curves are listed below. To keep everything somewhat anonymous, just your DBA (doing business as) name is listed along with the various quantities supplied you claimed to offer at each discrete price. Based on this information, please derive the Market Supply. The Demand for the whole market is furnished below the student survey responses below. There are 27 pooled Yogurt Businesses in our Community, each offering the following. (Unfortunately, about 10 people have chosen to not go into business and did not post their quantities supplied. ) Show below are the various quantities supplied at the various different market prices: 27 Rivals in the local Yogurt Market Here they are and the quantities they offer to the market at the different prices $0.00 $1.00 $1.30 $1.40 $1.50 $1.65 1 Blue Buffalo Frozen Yogurt $1.85 $2.00 $2.25 $2.50 260 2 Let's Spoon Frozen Yogurt 3 Viva La Yogurt Chillsville Fro-Y 5 FroYo2 Go lightly Pink Berry 7 YO-YO Fro 8 Frozen Me 9 A's Yogurt ogurt, But Frozen 11 Melato's 12 Nova's Frozen Yogurt 13 Merry Berry Froyo 14 FroYo Delight 8.8989858898.88. 8898858 .. 8 8 8 8 8 8 838 8 8 8.88.8883834 . .8 8 8 8 8 8:..88 8.88 8...0.8 15 FroYo Land 16 Yogurt Castle 17 Yogurt Yan 18 Sweet FroyoLand 19 One Scoop Sweet Scoops 21 Dreamy Creamery 22 Yogubear's Fr 58 8:8898858 23 Arctic Delight 24 Yogurt Crazy (Yo Crazy!) 25 Lillit Yogurt 26 T's ice Cream 27 Milk Or Nut Yogurts Market Supply Market Demand LLL'L 6,829 6,579 6,429 6,279 6,029 5,679 5,179 Your Assignment: (1) Fill in the Following Table and 's and quantity are: Price Market |Market Supply (Qd) $1.00 7,777 $1.30 7.195 $1.40 6.829 $1.50 6.579 $1.65 6.429 1 $1.85 6.279 $2.09 6.029 $2.25 5.679 $2.50 5.179 This posting is due by Wednesday, September 28, 2022 by 11:59 pm. (2) Calculate the profits under TWO SCENARIOS Note: The Formula for Profit = 1 nue minus Total Cost where Total Revenue - Price x Quantity = P * Q and where Total Cost = Fixed Cost (rent) + Variable Cost (cost of inputs and labor) A) Calculate the Profit for a firm at a Quantity Supplied of ZERO. This is the "shut down" scenario where no effort is made. (There are quite a number of firms that are offering to sell O units at the market e market equilibrium price. Evaluate the profits/losses per day incurred by those firms who choose to shut down during their first month of operation. Is that the "best" option at the market equilibrium price? Yes or no and show why. ) (B ) For your *own* business (listed above) , evaluate your own profits/losses per day at the quantity supplied you posted last week (shown in the table above). Taking the market price as a given, are you doing the best you can do? Do you think there is a better output selection for profit maximization/loss minimization. If you could, would you modify your quantity supplied, given that now you know what the market price is? Or, are you satisfied with your initial responses and make no changes given the equilibrium price
